The culture, media and sport select committee has agreed to look into issue and an evidence session has been scheduled for March 6.
Executives from Liverpool are set to be summoned, and possibly manager Kenny Dalglish as well.
The MPs may also consider asking Suarez and Manchester United defender Patrice Evra, the player he racially abused, to give evidence.
Committee member Damian Collins said a decision on who would be asked to give evidence has yet to be made.
Collins told Press Association Sport: "I think the events of the last few weeks have reignited concerns about racism in the game.
"It would be very interesting to hear from Liverpool, and personally I think we should get views from clubs, former and current players as well as administrators with relevant experience.
"Although this session will not necessarily be restricted to football it will be the principle area of inquiry following the Suarez case and the concerns that have arisen from that."
Liverpool striker Suarez's eight-match ban for racially abusing Evra, plus a police charge against England captain Terry for allegedly racially abusing QPR's Anton Ferdinand has thrust the issue back into the spotlight. Terry denies the charge.
Liverpool have also apologised to Tom Adeyemi, the Oldham defender who was allegedly racially abused at Anfield on Friday night, in connection with which a 20-year-old fan is on police bail.
Liverpool Walton MP Steve Rotheram has been pushing for the committee to hold an inquiry.
Rotheram said: "I continue to support the 'Show Racism the Red Card' initiative and believe, given the nature of recent events, that it would be appropriate for this issue to be looked at by parliamentarians from all parties and from different football/sporting and non-sporting allegiances.
"Sport should be rightly proud that in many ways it has led the field in tackling social issues such as racism, homophobia and sectarianism and it will be interesting to see what conclusions the select committee draw from the evidence session."